Further proof of Binance’s solidity? The platform has just audited its reserves, and the expertise reveals that the reserves in Bitcoin (BTC) of Binance are slightly more than what was announced. Something to reassure users who were afraid of another situation at the FTX.
Binance Bitcoin Reserves Reviews
The major auditing firm Mazars was responsible for it check Binance bitcoin reserves. In her report, she confirms that the number of BTC held by the platform is higher than advertised: it is 101% too aligned. So there are 575,742 bitcoins on Binance, or a sum of 9.6 billion dollars at the current price.
The platform has also confirmed that it will carry out further inspections. for other assets held, including Ether (ETH). As Mazars points out, this is indeed a review of Binance’s BTC reserves, not an overall review:
“We do not express a declared opinion or conclusion. If we had carried out additional procedures, we could note other features which would then be reported.»
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Binance excess reserves
As a reminder, Binance “Backup evidence” has already been published a few weeks ago, to reassure users about the fall of FTX. The platform claims to have substantial reserves: more than $63 billion worth of cryptocurrencies according to data recently shared by Nansen:
This table shows that Binance has 3 times the crypto holdings of the other 11 exchanges combined 👀
Binance $63.3b
OKX $6.2B
Cryptocom $3.41B
$3.12B
KuCoin $2.45B
And OthersExchange balances are updated hourly here ➡️ https://t.co/2OSHH7Ngf7 pic.twitter.com/U9sMjp3CL3
— Nansen 🧭 (@nansen_ai) December 6, 2022
Binance reserves seem redundant: they correspond triple the reserves of the other 11 listed exchanges. This shows the significant weight of the company, which has reinforced its hegemony since the FTX.
Still, the panic allowed more transparency for other big players. They have published proof of reserves in recent weeks, to prove they have the funds they need to respond to their clients’ transactions. As a reminder, FTX had discreetly diverted client funds to its sister company, Alameda Research, leading to the giant’s downfall.
👉 To read on the same topic – Sam Bankman-Fried reveals that FTX would sell non-existent assets to its customers
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Source: Mazars
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A journalist at Cryptoast, I fell into the cryptocurrencies pot a few years ago. I am passionate about the innovative technologies emerging from the blockchain and I like to find the crispest information to share with you.
Marine Debellor
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